Mobile River Bridge Project Secures $2.52-Billion Loan

The last major financing hurdle for the Mobile River Bridge project has been jumped, AL.com reports. The project will receive a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of up to $2.52 billion through the agency’s Build America Bureau. The loan will be repaid through a tolling plan, with one-way trips costing as much as $7.70. The new six-lane, 215-foot-tall cable-stayed bridge over the Mobile River is expected to eliminate the I-10 bottleneck. The first phase of the I-10 project, financed through the TIFIA loan, includes construction of the new bridge and restriping the existing Bayway to three lanes in each direction. The phase is expected to take five years to complete and focuses primarily on building the bridge.